Buying in co-ownership: points to watch

If you are considering acquiring a property in co-ownership, do not overlook the study of certain aspects that might otherwise cause you some disappointments. Whether it is a flat or a house, you will live there in increased proximity to your neighbours, and will be bound to them by the solidarity of co-ownership. To help you see clearly and make the right choice, here are the specific points you will need to consider.

#1 The overall state of the co-ownership

First of all, acquiring a property within a co-ownership implies involvement in the overall state of the building or buildings, beyond that of the interior of the property itself. Ask yourself from the very first viewings, about the condition of the roof, the boiler room, and whether facade renovation will need to be carried out soon, for example.

Next, homogeneity is often welcome in co-ownership: are the windows of the property you are looking for as modern as those of the neighbours? What about the shutters or blinds? Can works be imposed on you? If, on the contrary, you are considering modifications, will you have the right to carry them out?

In the same way, observe the entrance hall and the common areas, both interior and exterior in general: perhaps those that concern you are in need of renovation.

Do not hesitate to question your future neighbours on this matter: do they plan to replace the letterboxes? To install a new railing on the staircase? To fit an entry intercom? Depending on the configuration of the co-ownership, these are the kinds of details that may be subject to a secondary vote by the residents concerned, rather than being raised at general meetings.

#2 The (very) careful examination of GM minutes

These general meetings constitute the next step, and the study of their minutes must answer one major question: what expenditure, routine or exceptional, is to be expected within the co-ownership? Be aware that the law requires, at the time of signing the preliminary contract, the provision of the last three minutes, covering the decisions but also the forecasts recorded during the previous three years. Careful reading of these will keep you informed about the expenditure to be expected following your property purchase.

They may first relate to the maintenance, repairs or modernisation of structural elements. Major works such as facade renovations are recorded in GM minutes at least two years before being carried out, and are most often discussed 4 to 5 years in advance. If this is the main question arising, as it directly impacts the acquisition budget, other types of information are also to be deciphered within these minutes.

You will also find valuable information about the running of the co-ownership. Regarding external service providers in particular, who may have contracts established for several years but whose services may prove more expensive than the norm. Question the co-ownership council to verify whether reduction of these expenses is indeed being considered.

You may also discover the financial state of the co-ownership: are some owners in arrears? Is debt collection being properly followed by the managing agent? A co-ownership suffering from too many unpaid charges is weakened, and acquiring a property therein is not advisable. All the more so as these difficulties may result from charges that are too high, the amount of which is an essential point that adds to the monthly repayment budget of your mortgage.

#3 The immediate environment

Next, and even if attention is always paid to this point, it proves useful to consciously appreciate and analyse the immediate environment of the co-ownership. Two angles can be considered: will you feel comfortable in the building, its exterior spaces and the neighbourhood? And will you find everything you need?

For the first point, this is a general feeling relating to the co-ownership. If it is well-maintained and inspires confidence regarding its longevity and the security within it, this constitutes a good point which will make you more open to examining the property in question with greater attention. Extend the examination to the property itself and its exterior: is it well-oriented? Is the possible overlooking not troublesome? If it is a flat, does the floor on which it is situated suit you?

Next, living in a place implies that it meets your needs. If you like greenery or have a pet, the presence of green spaces will be beneficial. If you have children, see if a park is quickly accessible, with a play area ideally. And if you own one or more vehicles, check that you can park them easily and safely. In co-ownership, the increased resources of the collective often allow for complementary services to be offered—do not go without them.

#4 The atmosphere of the co-ownership

It seems important to emphasise that living in co-ownership actually means living together. Obviously, the properties remain private, however the co-owners and tenants are brought to often pass one another, to coexist with their domestic animals, or even to allow many neighbours to enjoy their musical talents or their children’s shouts.

To acquire a property in co-ownership, it is necessary to accept neighbours that you have not chosen and to develop a tolerance inherent to life in collective housing. Explore this question from the outset with the current owners, to determine whether troublesome or disrespectful neighbours are present. Make intelligent enquiries, as vendors will not want to speak to you about the negative points of their life in the co-ownership!

Conversely, neighbours may get on wonderfully well and organise frequent collective meals or help each other according to their skills. If you are animated by a great sociability, look for this kind of collective instead.

Each co-ownership is unique, and your searches must take into account elements that are sometimes far from the simple wellbeing felt in a property. Generally speaking, ensure that the co-ownership council and the managing agent are well present and are involved in the collective management. Pronounced laxism can have unfortunate consequences, notably the accumulation of work needs, which will sooner or later lead to a sudden and very costly emergency. A bad choice will quickly become burdensome, so do not forget any of the points mentioned!